The crypto market today contains more than 17,000 individual coins. However, not all of these coins have proved successful. A large part of this 17,000 cryptocurrencies has been forgotten over the years. At least 1,700 coins have even been ‘declared dead’. That means that these coins are simply no longer active because the developers let the project bleed to death, or it was a scam.
Dode cryptocurrencies
The fact that there are currently 1,700 dead coins was noticed by the crypto analytics platform 99Bitcoins. on the list of inactive coins are a few big names such as BitConnect (BCC), VegasCoin (VEGCOIN) and Storeum (STO). According to 99Bitcoins, many of these cryptocurrencies are unlikely to ever become active again.
Remarkably, a significant portion of these dead coins turned out to be nothing more than ordinary scams. BitConnect is of course an excellent example of this. A few years ago, BitConnect was a big name in the world of crypto, but in the end it turned out to be a big ponzi scheme to be in which at least $2 billion stolen from investors.
Another coin coin that has been in the news a lot recently is Squid Game (SQUID)† For a short time, this project received a huge amount of attention and the price rose astronomically. Suddenly, however, everything collapsed. The team behind Squid Game ran off with all the money and the project was declared dead.
Crypto scams
Unfortunately, such scams are still almost the order of the day within the crypto industry. Scammers are widely exploiting the credulity of crypto investors. With nice words and big promises they lure these investors to projects “that will go 1000x”. In many cases, investors end up with nothing more than hot air and a hole in their wallets.
At the moment there are also a number of projects that will most likely also be on the list of ‘dead coins’ in the future, but are still active. An example might be SafeMoon (SAFEMOON). There was also a huge amount of hype around this project a while back, but more and more messages are now coming out that this, again, is nothing more than a scam.
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